M&G signs Intelliflo deal to boost adviser numbers

M&G signs Intelliflo deal to boost adviser numbers
M&G Wealth Advice’s partnership director, Tom Hegarty

M&G Wealth Advice has signed a deal with Intellifo as its new technology partner to help it boost adviser numbers from 400 to 1,000 over the next four to five years.

The deal will impact M&G advisers under The Advice Partnership (TAP) only, and not the hybrid version of TAP or M&G’s independent adviser Sangringham - the IFA it bought last year.

TAP advisers will be able to use Intelliflo as their main back office technology system “in due course”, a spokesperson for M&G told FTAdviser.

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The Intelliflo back office will be available to new joiners of M&G Wealth Advice. The business plans to migrate its existing advisers to Intelliflo next year.

“A lot of advice firms need to know M&G is keen to grow in this area. We’re looking at various routes to close the advice gap,” the spokesperson added.

Intelliflo already works with some 2,500 financial advice firms across the UK. It helps them with a personal finance portal, electronic signatures, management information reporting, lead management, and fact finds.

Over the past year, a number of advisers have highlighted issues with Intelliflo, including major outages on Intelliflo Office.

Intelliflo’s chief executive Nick Eatock said the company's most recent upgrade should help put an end to the outages which have frustrated advisers in the past.

The company carried out maintenance over the Jubilee bank holiday weekend during which it completed its migration to Amazon Web Services.

The firm is also eyeing further acquisitions, following its 2019 purchase of cash flow modelling software provider i4C.

M&G Wealth Advice’s partnership director, Tom Hegarty, said the firm’s deal with Intelliflo will allow the business to continue to innovate and scale.

“This partnership will give our advisers and their teams a more intuitive interface, making the delivery of full financial planning more straightforward and less time-consuming,” Hegarty explained.

“The switch to Intelliflo will provide us with a true open architecture technology solution, allowing further innovation and integration to our systems. 

“As we scale our business and seek to attract new advice firms, a proven onboarding and database migration process is imperative. Intelliflo has a robust migration process with the most extensive UK coverage to support our growth ambitions.”